Hyperliquid’s block trading layer Silhouette launched its Request for Quote (RFQ) trading system on the mainnet on Tuesday, initially supporting tokenized stocks from Payward’s tokenized stock framework xStocks. Silhouette stated that the system allows traders to initiate quote requests for any supported xStock and receive competitive quotes from connected market makers, with winning trades able to settle on-chain at any time and in any size.

The RFQ system enables supported xStocks to trade without a dedicated order book, and tokens that generate sufficient trading activity can subsequently be upgraded to an independent HyperCore market. Silhouette founder Chandler De Kock mentioned that while tokenized stocks continue to go on-chain, they mostly lack trading venues, and market makers compete for each trade, settling on-chain, proving that assets with real liquidity will be upgraded to their own HyperCore market.

xStocks was launched in June 2025 and is said to have processed over $40 billion in total trading volume, covering more than 200,000 holders, with nearly $20 billion settled on-chain. The platform issues publicly listed stock tokens pegged 1:1, and its business has expanded from U.S. stocks to European and Asian markets. Data from RWA.xyz shows that the existing tokenized stocks amount to approximately $2.53 billion, with xStocks accounting for about $620.1 million, ranking as the third-largest issuer, only behind Ondo (approximately $856.3 million) and bStocks (approximately $621.5 million).